In the last ten years, median house prices in South Brisbane, Newmarket and Wishart have more than doubled. Some of the other suburbs that have increased in value significantly include; Macgregor, Cannon Hill, Northgate and Sunnybank, just falling short of doubling in value.
Propertyology managing director Simon Pressley said there was more to the story than just raw price growth.
“These are generally suburbs where owners have above average incomes, and have most likely spent a lot of money on their homes,” Mr Pressley said.
“While someone in South Brisbane may have bought for $500,000 and now their home is worth $1 million, they might have spent $800,000 on the home,” he said.
Mr Pressley said, while further from the CBD, Sunnybank’s cultural links proved to boost property value.
With seven of the ten of the biggest growth suburbs located within five-kilometres from the CBD, we can see that it’s showing its popularity with homeowners.
Domain Group chief economist Andrew Wilson said most growth had occurred in past three years.
“Most of these areas – in the mid to high end – were seen as undervalued and have been pushed now into a higher price bracket,” Dr Wilson said.
“Low interest rates over the past few years has been the middle of Brisbane’s market blossom and get recognised,” he said.
Brisbane LGA’s median house price is $521,915, while Australia’s national house price median is $731,188.
|Suburb||10 year growth||Median (2015-16 financial year)|
*Data sourced from Domain Group